US Dollar gathers traction to 102.30 ahead of Trump
|The greenback – tracked by the US Dollar Index – is now picking up pace and is flirting with daily tops in the vicinity of 102.30.
US Dollar looks to Trump
The index is now advancing for the second consecutive session so far this week, extending the bounce off recent lows in the 101.30 region amidst a weaker start of the new year.
Later in the NA session, the press conference by US president-elect Donald Trump will keep the attention on the buck, while investors will look for any clues regarding the potential policies under his administration.
FX Strategists at TD Securities added “If Trump focuses on the growth agenda (tax reform and deregulation) while steering away from talk of a border tax, conflicts of interest and foreign affairs, risk markets are likely to react positively, potentially nudging yields higher in a bear flattening move. A contentious tone to the conference and excessive focus on the aforementioned issues could sour market sentiment, lending support to Treasury bulls”.
US Dollar relevant levels
The index is gaining 0.22% at 102.23 facing the next hurdle at 102.50 (high Jan.5) followed by 102.56 (20-day sma) and finally 103.81 (2017 high Jan.4). On the flip side, a break below 101.30 (low Jan.6) would open the door to 100.85 (55-day sma) and then 100.75 (low Dec.14).
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